How to rack my kid's money?

[Ian K]

I also use Liability Accounts for my children's money.
They have their own bank accounts and cash, but I give then a monthly
allowance, and that goes into the Liability Account. E.g.:
Expenses:Kids:Allowance > Liabilities:Kids' Accounts:X's Account

I use scheduled transactions to automate the process. One very useful reason
for doing it this way is there are often occasions when I need to spend
money 'on their behalf' like buying something online for them with a credit
card.

If necessary, I can then pay them 'real' money, so that transaction would go
for example:
Assets:Cash > Liabilities:Kids' Accounts:X's Account

So when the Kids' Allowance Expense transaction happens I incur an expense
(and my net worth changes), but then when I transfer the money to them, or
buy something on their behalf that doesn't affect my bottom line.



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